Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

Total Access Communication / Equity Bottom-Up

<ul><li>We expect DTAC to deliver slightly weak earnings in 3Q20E thanks to lower service revenue.</li><li>With 36% upside to our 2020E TP of Bt45.50, we maintain a Buy rating.</li><li>We keep our earnings estimate unchanged, with potential upside risk in case the company announces better-than-expected 3Q20E results on the back of network Opex cost control and lower-than-expected handset subsidies and/or marketing expenses.</li></ul>

We expect DTAC to deliver slightly weak earnings in 3Q20E thanks to lower service revenue.With 36% upside to our 2020E TP of Bt45.50, we maintain a Buy rating.We keep our earnings estimate unchanged, with potential upside risk in case the company announces better-than-expected 3Q20E results on the back of network Opex cost control and lower-than-expected handset subsidies and/or marketing expenses.

DTAC: Attractive Valuation - Buy (2020E TP: Bt45.50)